1503 Payton St · Crawfordsville, IN 47933

$139,700

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 39 Days on market

Built 1955 7,536 sqft lot Est $160k · 13% under ↓ 14% since listing

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.2/30.0
• ARV discount +13.2/15.0
• DSCR +6.8/10.0
• 1% rule +4.4/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated single-level home featuring 3 bedrooms and 1 full bath, perfectly situated in one of Crawfordsville's desirable neighborhoods. Located within the Crawfordsville Community School Corporation, this home offers convenient access to local parks, recreation facilities, and community amenities. Step inside to enjoy a fresh, newly remodeled interior with modern finishes throughout that include new flooring, new kitchen cabinets, new stainless-steel appliances, new bathroom fixtures, and fresh paint throughout the home. The home sits on a spacious lot with a fully fenced backyard, ideal for children, pets, and outdoor entertaining. Whether you're a first-time hom

Key facts

• Community amenities
• New kitchen cabinets
• 7,536 sq ft lot

Tags

• UPDATED SINGLE-LEVEL HOME
• NEWLY REMODELED INTERIOR
• NEW KITCHEN CABINETS
• NEW STAINLESS-STEEL APPLIANCES
• FULLY FENCED BACKYARD
• COMMUNITY AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (6.4% below list).
• Recommended offer: $131k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 3.5% in Crawfordsville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#118 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: commute D+, amenities F, employment D-.
• Crawfordsville Community Schools (town): math 27% / reading 32% proficiency, ranked #247 of 301 in IN (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Laura Hose Elementary School (384 students, 68% FRL).
• Market conditions: Rents rising (+3.3%/yr); 203 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 52 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $966 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Montgomery County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,808 (6.4% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.19%
• DSCR: 1.28
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $159,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1509 Edgewood Dr	0.05mi	3/1.0	864 (0%)	12mo	$149,000	$172	87
1402 Edgewood Dr	0.09mi	3/1.0	864 (0%)	13mo	$160,000	$185	85
1001 Ray St	0.16mi	2/1.0 (-1)	880 (+2%)	2mo	$170,000	$193	83
1125 Mill St	0.33mi	3/1.0	891 (+3%)	3mo	$165,000	$185	77
906 Ray St	0.21mi	2/1.0 (-1)	832 (-4%)	3mo	$150,000	$180	76
1204 Ladoga Rd	0.14mi	3/1.0	816 (-6%)	10mo	$155,000	$190	76
1404 Payton St	0.05mi	2/2.0 (-1)	925 (+7%)	6mo	$158,000	$171	72
1704 Athens St	0.15mi	3/1.0	912 (+6%)	15mo	$180,000	$197	71
1404 Edgewood Dr	0.09mi	3/1.0	925 (+7%)	18mo	$150,000	$162	69
1511 Southside Dr	0.44mi	3/1.0	960 (+11%)	2mo	$181,000	$189	59
414 Hughes St	0.53mi	3/1.5	960 (+11%)	1mo	$65,000	$68	54
910 Tuttle Ave	0.75mi	3/1.0	770 (-11%)	16mo	$115,000	$149	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.28% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-9,476
• Equity at exit: $20,830

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $9,571
• Equity at exit: $12,079

Cash invested: $39,116 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47933

• Home prices YoY: -27.1%
• Rents YoY: 3.3%
• Active inventory: 203
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$733
• Tax from tax record: −$41 /mo · $489/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $202

Break-even live

Break-even rent $1,053

Max offer price $139,700

Occupancy floor 80%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,925
• Closing costs: $4,191
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Knoll Cir Crawfordsville, IN	1.0–2.0	1.0–2.0	821	$1,250	$1.52	13d	9	1.15mi

Listing history 6 events

1. 2026-02-24
   status Pending
2. 2026-01-30
   price $139,700
3. 2026-01-16
   listed $148,900 Active
4. 2025-12-17
   historical
5. 2025-12-12
   price $149,500
6. 2025-11-28
   listed $163,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $489 · $41/mo
• Projected year-2 tax: $838 · $70/mo
• Expected delta: +$349/yr (+$29/mo · 71.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,697
• − Mortgage interest: −$7,825
• − Property taxes: −$489
• − Insurance: −$698
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$4,064
• Taxable income: $109
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $2,396/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Crawfordsville Community Schools
• NCES district ID: 1802460
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 32% ▼ -6.00%
• Median HH income: $39,087
• Composite: 24.73/100
• National rank: #7606
• State rank: #247 of 301 in IN

Livability — Crawfordsville

• Score: 72/100
• State rank: #118
• US rank: #6376

Category grades

Amenities F Commute D+ Cost of living A+ Crime A Employment D- Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crawfordsville, IN
• County: Montgomery County · 28,357 people
• City population: 28,357
• Metro: Crawfordsville, IN
• Population (ZIP): 28,357
• Household income: $68,130
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 464.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 37,893 people
• By 2030: 37,539 · -0.9%
• By 2040: 36,536 · -3.6%
• By 2050: 34,454 · -9.1%
• By 2075: 28,852 · -23.9%
• By 2100: 21,145 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+48.2) · D 24.9% · R 73.2% · Other 1.9%
• 2008→2024 swing: -28.3pp toward R · 2008: -19.9pp · 2024: -48.2pp
• All cycles: 2024: R+48.2 2020: R+49.1 2016: R+50.9 2012: R+38.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.91%
• Current HPI: 211.6864
• Rent YoY: ▲ 3.28%
• Metro: Crawfordsville, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

-14.3% since first listed

6 events — show timeline

• 2026-02-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $139,700 MIBOR as Distributed by MLS Grid
• 2026-01-16 Listed $148,900 MIBOR as Distributed by MLS Grid
• 2025-12-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-12 Price Changed $149,500 MIBOR as Distributed by MLS Grid
• 2025-11-28 Listed $163,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.9%/yr

Latest (2025): $489 · -12.0% YoY. Source: county tax records.